Openet Telecom records profit

OPENET Telecom, which is backed by former Esat boss Barry Maloney, made its first profits last year.

Accounts for the company show it reversed a €3.8 million loss in 2003 to a pre-tax profit of €85,000 in the year to end June 2004.

Openet, which provides billing services to the major phone companies, said it made the profits due to a surge in revenues and the benefits of an acquisition.